Before you take affront at being called a Dummy, I consider myself one too...until I acquire the necessary knowledge, then I am an Educated Dummy! So much for trash humour...Alrighty then, this week I would like to share with you some useful tips to know before you decide to rent a house or a room.
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Deposits
Most landlords will require that their tenants pay a security deposit and the amount is usually two month’s rent. If the unit is furnished with luxurious furnishings, the landlord may require an additional month’s rent. This deposit must be paid up front together with one month’s rent in advance. So before you go and find a rental unit, make sure you have a monthly budget for your rental and an additional two month’s rental to pay this deposit. No fear, the deposit will be returned to you at the end of the tenancy period.
Aside from the security deposit, you will also need to prepare an amount as utilities deposit. This deposit is paid to ensure that should you leave the unit without paying the utilities (eg. water, electricity etc), the deposit can be used by the landlord to set off the outstanding. This amount may vary depending on the number of fixtures that accompany the unit. If the unit has five air conditioners, be prepared to pay a higher amount, though as a general rule, the amount is equivalent to a half month’s rent.
Tenancy Period
How long can the tenancy be? Before you sign that tenancy for 10 years thinking that you got a great rental deal, think again. Tenancy can only be for a period of 3 years. Any period exceeding that will require a registration at the relevant Land Office for the enforcement of your rights. A tenancy period exceeding 3 years is a lease which must be registered at the land office for the enforcement of the terms of the lease.
A Thing about Room Rental
When renting a room, do make sure that the main tenant is entitled to sub-let to you. Get a copy of the main tenancy and have a look as to whether there is a sub-let clause. If there isn’t one you run the risk of being a trespasser! If you are the main tenant, make sure you have the right to sublet, and do collect the above deposits to protect your interest.
Who Pays for What
Make sure that the agreement spells out who pays for what. If the unit is an apartment, as a general rule the landlord will foot the bill for the quit rent, assessment and maintenance and the tenant will pay the utilities including the sewerage charges. If you want the landlord to pay for it, spell it out in the agreement.
Well that’s all folks, if you have any comments, please post them, and I shall be happy to entertain any queries!
1 comment:
I would like to ask if there is a dispute between verbal agreement and written agreement, which will be consider legal in court? my written agreement is not stamped.
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